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Imo State Governor Alleges Multinationals Leaving Nigeria Are Not Genuine Investors
Eko Hot Blog reports Imo State Governor, Hope Uzodimma, has asserted that major oil companies like Shell, Mobil, Chevron, and TotalEnergies are not genuine investors in the Nigerian oil sector.
During an appearance on Channels Television’s Sunday Politics, Governor Uzodimma accused what he referred to as a “cabal” of attempting to sabotage President Bola Tinubu’s efforts to revamp the nation’s economy.
Responding to a question about whether these “cabals” were also responsible for the departure of investors from Nigeria, Uzodimma contended that those leaving were not authentic investors.
He questioned the commitment of Shell and other oil giants to environmental laws in Nigeria, highlighting their preference for offshore operations over onshore activities.
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Uzodimma expressed skepticism about the behavior of these companies, stating, “Why have they taken to offshore operation, abandoning onshore operation if they are genuine?”
He criticized their environmental impact, contrasting the oil-rich locations in other parts of the world with the degraded state of Nigeria’s environment.
The governor raised concerns about the departure of multinational companies from Nigeria, attributing their exit to an inability to exploit foreign exchange disparities, benefit from crude oil theft, or take advantage of petroleum subsidies.
He described their departure as a “blessing in disguise” and suggested that it provides opportunities for indigenous companies.
Uzodimma concluded by stating, “I think the earlier the artificial and fake investors leave, the better for Nigeria.” He expressed optimism that the exit of these purportedly insincere investors would create opportunities for genuine Nigerian investors who had been previously denied opportunities.
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Notably, Shell recently reached an agreement to sell its Nigerian onshore subsidiary, The Shell Petroleum Development Company of Nigeria Limited, to the Renaissance consortium for $2.4 billion.
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